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Saturday, May 15, 2004

Market went nowhere yesterday, Dow up 2 points. Volume was light. NEM made a comeback and the options I own are right back where I purchased them. XAU was also up. This trade is tricky with only a week left. My thoughts are that I've got to get out early in the week. NEM is still out of the money and these things could get worthless in a hurry if the price moves down. If I had any brains, I would get the hell out ASAP. However the weekly candlestick chart for NEM now shows a bullish engulfing pattern which should lead to higher prices. Gold itself is still under $380. We'll see what happens. The OEX is another story. Not a clear signal at this point. I'd still like to wait for a lower close with a higher oscillator number. It's options expiration week. You gotta be nimble and quick, not to mention cautious yet willing to take a chance. There will be opportunities to make money but it's gotta be fast. Hopefully I'm up to the challenge. More tomorrow...

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